Elder law estate planning

PROTECTING YOUR FUTURE VIA POOLED TRUST ASSET ALLOCATION

Published on: December 26, 2015 | by Ettinger Law Firm

COMMON LEGAL WAY TO PROTECT EXCESS INCOME

Unfortunately many means based programs, such as Medicaid, are strict in their qualifying criteria. Depending on the specific facts you may not qualify for Medicaid and even as little as twenty dollars a month can make a difference. There is no sliding scale of benefits based on your income. Each state has its own financial thresholds for income qualification, given the drastic difference in cost of living throughout the country. New York only allows for up to $845 in income, anything above that will disqualify the potential recipient. So what of the millions of men and women throughout New York that live on modest means and yet still receive more than $845 in monthly income? For example, a person in Manhattan or even Long Island who earns approximately $2,000 per month does not live luxuriantly, yet he/she may need certain services and does not want or even need to go into a nursing home facility for those services.

Pooled trusts allow for seniors to setup their own trusts so that they can still live a respectable and modest life and not be required to turn over all of their income to the state for Medicaid eligibility. In the case of the senior above, he/she would $1,155 ($2,000 – $845) to a pooled trust that they joined so that he/she could still qualify for Medicaid and have money left to pay bills and perhaps enjoy their normal lifestyle with family and friends without much financial impact.

DONATE MY BODY TO SCIENCE

Published on: October 29, 2015 | by Ettinger Law Firm

Donating an organ or even a whole body for scientific study or medical education is a relatively common event, which permits a person with perhaps a rare or not well understood disease to contribute to medical science. Even if the person passes without a disease or any unique characteristics, medical schools need these volunteers for very important work. Some people see their act as an act of charity, a way of giving a gift to society. Organ donation helps to reach even more people by providing spare parts for surgeons, for those who need a replacement organ or tissue. It has been estimated that 114,000 Americans are awaiting organ transplants and that one person is added to the list every 11 minutes and that each year 6,600 people die each year while on the organ transplant list.

ANATOMICAL GIFTS PERMITTED VIA WILL

In 2005, the New York legislature passed a law which made it easier to give an anatomical gift. Organ donation is easy enough now, as it can be a mere check the box designation on your driver’s license. No additional signatures or witnesses are needed. New York further permits a person to validly donate their organs or their whole body by way of will. If the will is later invalidated, the donation is considered valid and any physician or medical school acting on the gift is shielded from liability. Some people with religious or moral objections to donating their body may still decide to donate organs without violating their conscience or religion. Even with these provisions in place, it is still best to discuss these decisions with your family and loved ones.

Who will Manage Your Affairs in the Event You are Incapacitated?

Published on: October 1, 2015 | by Ettinger Law Firm

No one likes to consider the fact that they may one day need help in managing their affairs, but the fact remains many people will need a fiduciary they can trust to act on their behalf when incapacitated. Typically as part of an estate plan, an individual will execute a power of attorney appointing one or more individuals of their choice to manage their health care decisions and financial matters in the event they can no longer handle their own affairs. Powers of attorney can vary in scope and purposes, and can serve as one method to avoid judicial intervention, including guardianship or conservatorship proceedings.

Guardianship Proceedings

When a health care or financial power of attorney are not sufficient or absent from an estate plan, a guardianship or conservatorship proceeding may be necessary to appoint someone to represent the person suffering an incapacity. In New York, a proceeding for guardianship can be commenced by a variety of parties, including, a distributee of the incapacitated person’s estate, certain fiduciaries, an interested party concerned with the welfare of the individual, or the incapacitated person himself. Incapacity is determined by clear and convincing evidence that the individual is unable to manage their own affairs and is unable to understand the consequences surrounding their inability in such a way that will likely cause harm to themself or others.Courts will consider a variety of factors when selecting a guardian, including the incapacitated person’s specific needs and the capabilities of the proposed guardian in meeting those needs.

The Mickey Rooney Example: Be Clear About Funeral & Burial Plans

Published on: April 16, 2014 | by Ettinger Law Firm

Legendary actor Mickey Rooney died earlier this month at the age of 93. Over the later course of his life, Rooney offered many important lessons related to elder law estate planning. For one thing, he was a vocal advocate against senior financial exploitation. In 2011 he testified before a U.S. Senate committee that was analyzing the various aspects of elder abuse. Rooney told the committee that he was emotionally and financially abused at the hand of his step-children (the biological children of his estranged wife).

At that hearing, Rooney echoed the thoughts of many New York seniors who were in the same situation, explaining, “For years I suffered silently. I didn’t want to tell anybody […] Even when I tried to speak up, I was told to shut up and be quiet.”

Fighting Continued After Death

Is New York Ready For Boom in Old Age?

Published on: May 8, 2013 | by Ettinger Law Firm

The Post-Star recently published a story with the provocative headline: “Old Age is Coming, and We Are Not Ready.”

The article touches on some practical issues in New York state that have often been discussed in the wake of the national demographic shift that is already underway. As most know, the population is aging. But far fewer give serious consideration to what these means for those seniors (and society as a whole). The coming of old age has two main questions: (1) Do we have the appropriate quantity of services to provide the care necessary for all seniors in need in future years? (2) If not, how are we going to come up with the resources to acquire those services?

Minimal Senior Care Services

Authorities Often Act Too Late to Prevent Elder Financial Abuse

Published on: November 17, 2011 | by Ettinger Law Firm

The Bellingham Herald discussed an often overlooked but vital matter that is of serious concern to our New York elder law estate planning attorneys: elder financial exploitation. Our work helping local residents avoid the probate process, save taxes, and plan for disability, involves elements of trust and relationship-building. Yet, we understand that there are some criminals who are bent on building up trust with seniors only to use their position of influence for their own gain. These fraudulent actors can be found in various settings, from nursing homes and assisted living facilities to one’s own network of friends and family. All local seniors must remain alert to these dangers.

Prevention is particularly important with elder financial abuse, because after the crime is perpetrated there is often little that authorities can do to correct the harm. The Herald story discussed one senior who lost nearly $775,000 in a scheme in which he thought he was investing money only to learn that it was being stolen. The company in which he invested filed for bankruptcy and as was later described as a mere Ponzi scheme. The man leading the fraudulent enterprise was arrested, but the money taken from the senior victim was gone.

Some advocates are raising concerns about the tools available to authorities to help these victims, making it difficult to protect them before they suffer actual financial harm. For example, at the time the victim described in this story began dealing with the fraudulent investor, that investor was already the target of multiple ethics probes for misappropriation of client funds and had actually been charged with a crime. Yet nothing was done to stop the criminal from swindling others. One advocate explained that this case is far from unique. He noted, “It is a common complaint in fraud cases involving the elderly: prosecutors, social service agencies, and attorney regulators are often slow to act, and by the time they do, the damage is done.” Prosecutorial inexperience handling these cases is part of the problem. In addition, some claim that local police officials are not properly trained to handle these matters.